REALWorld Law

Sale and purchase

Ownership restrictions

Are there any legal restrictions on foreign investors acquiring real estate?

Nigeria

Nigeria

Generally, all lands are vested in State Governors who hold and administer same in trust for the use and benefit of all Nigerians citizens, however, the present state of the Nigerian law is that, a foreign investor can acquire real property in Nigeria through a company or other corporate entities duly incorporated under the laws of the Federal Republic of Nigeria. Section 17 of the Nigerian Investment Promotion Act, 1995 also provides that a non-Nigerian may invest and participate in the operation of any enterprise in Nigeria. Any company that is empowered by any law to acquire land in Nigeria can do so like a citizen whether it is owned by a foreign investor or a Nigerian.

Section 22 of the Land Use Act provides that it shall not be lawful for the holder of a statutory right of occupancy granted by the Governor to alienate his right of occupancy or any part thereof by assignment, mortgage, transfer of possession, sublease without the consent of the Governor, a provision which applies to foreign investors and Nigerians alike.